Tag Archives: Chase

The nation's five largest mortgage servicers had 180 days to implement the 320 servicing standards outlined in the settlement reached with the U.S. Department of Justice and 49 state attorneys general. The standards address such areas as borrower communication, single point of contact, training for loss mitigation staff, and document execution related to foreclosure actions. And as described by the attorneys general's own negotiating committee, to put all the required changes in place involved ""a massive undertaking.""

Based on a metric devised by MoodyÃ¢â‚¬â„¢s Analytics, GMAC, SLS, and American Home performed better compared to other subprime servicers in terms of cash collected relative to losses on delinquent loans. This was mainly due to shorter liquidation timelines that resulted in lower loss severities on liquidated or foreclosed properties, according to an article in Moody's ResiLandscape. GMAC's high metric is due primarily to shorter liquidation timelines and because the servicer maximizes cash flow on modified loans by keeping the re-default rates in line with the industry average even though it offers relatively low levels of relief in terms of principal and interest.

State attorneys general and the nation's five largest mortgage servicers could be within weeks of reaching a $25 billion agreement to settle allegations that foreclosures were improperly processed. Details of the settlement terms obtained by DSNews.com indicate that individual servicer penalties will be based on the number of foreclosures they've completed. Collectively, $5 billion would come in the form of cash fines and $20 billion would be satisfied with principal-reducing modifications and refinancing for underwater borrowers.

The industry's four largest mortgage servicers all say they will be taking part in the revamped Home Affordable Refinance Program (HARP). Bank of America, Chase, Citigroup, and Wells Fargo have each expressed their support of the program and the changes that will allow more underwater homeowners to refinance.
Government officials expect the program's revisions to expand its reach and increase competition for mortgage refinancing, with an estimated 1 million homeowners to receive assistance under the new guidelines.

Help for underwater homeowners has moved from principal writedowns to refinancing in the settlement negotiations between state attorneys general and the nation's five largest mortgage servicers. According to a widely circulated report, the proposal made its way into the talks last week. Borrowers who are current on their mortgage payments but owe more than their home is worth would be able to refinance at today's lower rates. The main caveat is that the loan must be owned, not just serviced, by one of the five banks.

Chase has opened two new Homeownership Centers in North Carolina to provide one-on-one help for borrowers struggling with their mortgage payments - one in Fayetteville, near Fort Bragg and the second in Jacksonville, near Camp Lejeune. The company is staffing all of its Homeownership Centers near military bases with employees who have served in the military or military family members. Chase also recently set up Centers near bases in Texas and Virginia, and has plans for openings later this year in Tennessee and Washington.

The JPMorgan Chase Foundation is making a $1 million grant to help about 70 police officers and city employees move back to Detroit over the next two years. Mayor Dave Bing has launched several initiatives to strengthen Detroit's communities by bringing law enforcement and city employees into the areas where they work. Qualifying buyers will receive money for a down payment on vacant homes in select neighborhoods as part of the mayor's initiatives.

The nation's leading mortgage lenders are extending extras for short sale transactions employed as an alternative to foreclosure - both in the form of monetary incentives for borrowers and streamlined procedures for real estate agents.
Wells Fargo has increased its financial relocation assistance to as much as $20,000 in states where the foreclosure process is lengthening. Bank of America is now allowing agents to submit a new backup offer for a short sale property if the original buyer has walked away.

Chase has opened its newest Homeownership Center near the U.S. military base in Fort Hood, Texas, to provide one-on-one help for homeowners struggling with their mortgage payments. It is Chase's first Homeownership Center near a military base. The bank plans to open five other centers this year near military bases in Virginia, North Carolina, Tennessee, and Washington state.

Chase, the consumer banking and home lending business of JPMorgan Chase & Co., opened a new Homeownership Center in Milwaukee, Wisconsin on Friday. The facility provides Chase borrowers who are struggling to make their mortgage payments with resources to help them avoid foreclosure. Trained advisors are on hand to help distressed homeowners evaluate their finances, review possible workout options, and answer any questions.

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